New York-based Amalgamated Bank launched its own full-service mortgage lending division in response to what it says is a growing need among working people for a more affordable local source of home financing.
The self-described “America’s Labor Bank” will provide mortgages for single-family residences, condominiums, multifamily properties with up to four units and cooperative apartments. Financing is also available for vacation and investment properties.
Mortgages and home equity financing are available at Amalgamated in New York and more states will be added in the coming months.
Amalgamated is entering the mortgage market at a time when many banks are expanding their mortgage business during a period of historically low borrowing costs.
The bank said applicants who apply for and have their mortgages approved during July and August will have the cost of their home appraisal refunded at closing. This, Amalgamated said, represents a savings of $350 to $550.
